AUSTIN (Talk1370.com) -- Drivers across the Austin area are dealing with another, albeit much smaller, increase at the pump this week, according to the AAA Texas Weekend Gas Watch.
Austin-area drivers are paying an average of $3.48 a gallon for regular unleaded this week, according to the survey. That's a four cent increase from last week, with prices 23 cents cheaper than a year ago.
Across the state, drivers are paying $3.49 a gallon on average. That's a 10 cent increase from last week, and 18 cents cheaper than a year ago.
Drivers in El Paso continue to see the state's highest average, at $3.78 a gallon, while drivers in San Angelo are paying the least at $3.26 per gallon.
Nationwide, drivers are paying $3.82 a gallon on average, which is up 11 cents on the week and 34 cents less than this time a year ago.
One of the main factors driving up the cost of crude is OPEC+ production cuts, including another announcement by Saudi Arabia that there will be further cuts to global production output for at least another month. Gasoline demand remains relatively strong while supplies have only gone up just slightly in the prior week after several weeks for declines. Energy industry analysts also say the extreme heat is impacting refinery production.
“Crude oil prices continue to climb as Saudi Arabia and other OPEC+ members continue with further production cuts,” said AAA Texas spokesperson Daniel Armbruster. “When it comes to the price of retail gasoline there are several factors, but the cost of crude oil is the primary driver. Pump price fluctuations remains possible as demand for fuel is strong.”
Texas remains in the top ten for lowest statewide gas price averages, ranking seventh with Mississippi having the lowest average nationwide at $3.33 a gallon.